Taxmann Principles of Marketing By Kavita Sharma , Swati Aggarwal Edition August 2024

The book is developed to provide a comprehensive understanding of marketing practices. It discusses the core marketing concepts, drawing from extensive literature, real-world examples, and case studies. All cases and examples are contextualised within the Indian market, providing relevant and relatable analysis. It introduces value concepts and reorients the discussion on marketing mix decisions, incorporating ethical considerations. Additionally, it covers sustainable marketing, aligning with the undergraduate curriculum requirements under the National Education Policy (NEP) 2020. Case-based practical exercises are included at the end of each chapter to deepen the understanding of various concepts.

The book benefits undergraduate and graduate students pursuing degrees in commerce, business administration, and related fields, which aligns with NEP 2020. It is also valuable for marketing professionals seeking to deepen their understanding of marketing principles and stay updated with current trends, including sustainable and digital marketing. Additionally, business professionals aiming to enhance their strategic decision-making will find the insights in this book advantageous. Educators can use it as a comprehensive textbook to support their teaching of marketing concepts.

The Present Publication is the 3^rd Edition, authored by Prof. (Dr) Kavita Sharma and Dr Swati Aggarwal. The noteworthy features of this book are as follows:

• [Comprehensive Coverage] The book covers all fundamental and advanced topics in marketing, catering to the learning needs of undergraduate and graduate-level courses
• [Indian Context] All examples and case studies are contextualised within the Indian market, making the content highly relevant and relatable for students in India
• [Updated Content—National Education Policy (NEP) 2020] The book includes discussions on value concepts, ethical aspects of marketing decisions, and sustainable marketing in line with the NEP
• [Practical Exercises] Each chapter ends with case-based practical exercises that enhance understanding and application of marketing concepts in real-world scenarios
• [Pedagogical Features] The book includes discussion questions, relevant pictures, product advertisements, figures, tables, and flow charts to support and enrich the learning experience
• [Case Studies] Real-world case studies from various industries provide practical insights into marketing practices and strategies
• [Segmentation | Targeting | Positioning] Detailed understanding of market segmentation, targeting, and positioning helps students understand how companies can strategically place their products in the market
• [Marketing Mix] In-depth discussion on the marketing mix (product, price, place, promotion) with examples and case studies to illustrate the application of these concepts
• [Consumer Behaviour] Comprehensive analysis of consumer behaviour, buying processes, and factors influencing buying decisions
• [New Product Development] Detailed explanation of the new product development process and the stages of the product life cycle, with corresponding marketing strategies
• [Ethical and Sustainable Marketing] Coverage of ethics in marketing, evolution of green marketing, and sustainable marketing practices.
• [Relationship Marketing] Understanding of relationship marketing concepts, focusing on building long-term customer relationships
• [Digital Marketing] Inclusion of modern marketing developments, such as digital marketing, social media marketing, and integrated marketing communication
• [Holistic Approach] The book adopts a holistic approach, integrating traditional and modern marketing concepts to provide a well-rounded perspective
• [Resource for Practitioners] In addition to being a valuable academic resource, the book is also relevant for marketing professionals seeking to enhance their conceptual understanding and practical skills

The detailed contents of this book are as follows:

Introduction to Marketing

Basics of Marketing

• This chapter lays the groundwork for understanding marketing by introducing its fundamental concepts. It explains marketing, its nature, and scope, highlighting its crucial role in modern business. The chapter discusses the importance of marketing in creating customer value and building customer relationships. It differentiates between selling (focusing on transactions) and marketing (emphasising relationships). The concept of the marketing mix (Product, Price, Place, Promotion) is elaborated, including the unique aspects of services marketing, which adds three more Ps (People, Process, Physical evidence)
• Real-life examples and case studies on Britannia and Apollo Hospitals illustrate these concepts, providing context and practical insights.
• Practical exercises at the end of the chapter help students reinforce their learning through application

Marketing Environment

• Understanding the marketing environment is critical for developing effective marketing strategies. This chapter analyses the microenvironment (factors close to the company, such as suppliers, customers, competitors, and the public) and the macroenvironment (broader societal forces, such as demographic, economic, natural, technological, political, and cultural factors) that impact a business. By analysing these environments, businesses can anticipate and respond to changes that affect their ability to serve customers
• The chapter includes a detailed case study on Nestle, providing insights into how a global company navigates its marketing environment
• Discussion questions and practical exercises help students apply environmental analysis concepts to real-world scenarios

Market Selection

Consumer Behaviour

• This chapter discusses the importance of understanding consumer behaviour for effective marketing. It examines the consumer buying process, which includes need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behaviour. Factors influencing consumer decisions, such as cultural, social, personal, and psychological factors, are discussed in detail
• Real-world examples, like Gillette, illustrate how companies leverage consumer behaviour insights to design their marketing strategies
• Practical exercises at the end of the chapter enable students to apply their knowledge and better understand consumer behaviour

Market Selection – Segmentation, Targeting, and Positioning

• Segmentation, targeting, and positioning (STP) are critical for achieving competitive advantage. This chapter explains the target marketing process, starting with market segmentation, where markets are divided into groups based on common characteristics. It discusses bases for segmenting consumer and business markets, such as geographic, demographic, psychographic, and behavioural criteria. The chapter then moves to market targeting, where companies evaluate and select target market segments, and positioning, where they develop a positioning strategy to differentiate their offerings in the minds of target customers
• Case studies, like that of Airtel, provide practical insights, and exercises help students apply STP concepts

Marketing Decisions Related to Product

Product Decisions

• Product decisions are central to delivering value to customers. This chapter covers various aspects of product management, including levels of products (core, actual, and augmented), product classifications, and product-mix decisions (product lines and product items). Branding and brand building are discussed, highlighting strategies for creating strong brands. The chapter also covers packaging and labelling, emphasising their roles in marketing
• The case study on Patanjali provides a practical example of product decisions in action
• Exercises at the end of the chapter help students apply these concepts

New Product Development

• Innovation and new product development are crucial for business growth. This chapter outlines the stages of the new product development process: idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialisation. It also discusses the product life cycle (PLC) and marketing strategies for different PLC stages (introduction, growth, maturity, and decline)
• The Toyota case study illustrates how a leading company manages new product development
• Practical exercises provide hands-on experience with these processes

Marketing Decisions Related to Pricing and Distribution

Pricing Decisions

• Pricing is a critical factor affecting a product’s market success. This chapter discusses the significance of pricing, various pricing objectives (such as profit maximisation and market penetration), and factors influencing pricing decisions (costs, demand, competition, and legal considerations). It analyses major pricing methods (cost-based, value-based, and competition-based pricing) and pricing strategies (such as skimming and penetration). Ethical issues in pricing, including price discrimination and predatory pricing, are also examined
• The Starbucks case study provides a real-world example of pricing strategies
• Practical exercises reinforce the concepts learned

Distribution Decisions

• Effective distribution ensures that products reach consumers efficiently. This chapter covers the meaning and importance of distribution channels, types of channels (direct and indirect), and factors affecting channel choice. It discusses major distribution strategies, including intensive, selective, and exclusive distribution. The concept of distribution logistics, which involves managing the physical flow of products, is also analysed
• The case study on Pepsi International illustrates practical distribution strategies
• Exercises help students apply theoretical knowledge to real-world distribution decisions

Retailing

• Retailing is a vital marketing mix component, connecting producers with consumers. This chapter examines different types of retailing, including store-based retailing (e.g., supermarkets, speciality stores) and non-store-based retailing (e.g., e-commerce, direct selling). It provides an overview of retail management, covering store layout, merchandising, and customer service. The changing retail scenario in India, driven by factors such as economic growth and technological advancements, is also discussed
• The BPCL case study provides insights into retailing strategies
• Practical exercises enhance students’ understanding of retail management

Marketing Decisions Related to Promotion and New Developments

Promotion Decisions

• Promotion involves communicating value to customers. This chapter covers various promotion mix tools, including advertising, personal selling, sales promotion, public relations, and direct marketing. It discusses factors affecting promotion mix decisions and the concept of integrated marketing communication (IMC), which ensures consistent messaging across all promotional channels. The chapter also highlights the growing importance of digital and social media marketing
• The Maggi case study provides practical insights into promotion strategies
• Exercises at the end of the chapter help students apply promotion concepts

Relationship Marketing

• Building long-term customer relationships is essential for sustained business success. This chapter analyses the dimensions and scope of relationship marketing, focusing on developing and maintaining strong customer relationships. It discusses the benefits of relationship marketing, such as increased customer loyalty and advocacy. A collaborative approach to relationship marketing, involving partnerships with suppliers and other stakeholders, is also examined
• The chapter includes a case study and practical exercises to deepen students’ understanding of relationship marketing

Developments in Marketing

• This chapter addresses new and emerging developments in marketing. It covers the importance of ethics in marketing, discussing issues such as deceptive advertising and consumer privacy. The evolution of green and sustainable marketing practices is analysed, highlighting their significance in today’s business environment. The chapter also examines rural marketing, social marketing, and digital marketing, providing insights into their unique challenges and opportunities
• Case studies and practical exercises offer real-world applications of these concepts, helping students stay updated with current marketing trends and practices